M&A: PUTNAM CONVERTIBLE SECURITIES FUND

Form Type: N-CSR

Filing Date: 2024-12-27

Corporate Action: Merger

Type: New

Accession Number: 000092881624002151

Comments: Putnam Convertible Securities Fund underwent significant changes due to a merger involving Franklin Templeton and Putnam Holdings. On January 1, 2024, Franklin Templeton completed the acquisition of Putnam Holdings. Post-merger, Putnam Investment Management and Putnam Investments Limited became indirect subsidiaries of Franklin Templeton. Shareholders approved a new management contract for Putnam Management and a new sub-advisory contract for PIL. Effective July 15, 2024, Franklin Advisers was added as a sub-adviser. A merger involving PIL and Franklin Templeton Investment Management Limited is set for November 1, 2024. These changes appear to reflect a restructuring to enhance management efficiency and align services under a unified umbrella.

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